Banks Money and Atms

There are over 25 Class A bank which are one way or the other internationally linked in service for national and international clients. Banks are open from 8:00 am in the morning to 6:00 pm in the evening due to availability of morning and evening counters other than that of regular banking hours of 10 am – 4 pm. Evening and morning counters serve bank deposits and withdrawals only. Recently almost all banks operate 365 days a year keeping banks open even on holidays but for couple of hours a day only. 365 days of banking is available only in big cities as Kathmandu and Pokhara.

Only Nepalese currency can be used in local market for purchase of merchandize, goods and services whereas payment of visa fees and air fare can be made in foreign currency as well. Foreign currency is easily exchangeable at the hotel you are residing at or at nearby exchange counters available almost at every corner of Thamel or at A class banks throughout the country. Although currency such as USD, pound, Indian Rupee is accepted at some local hotels, restaurants or department stores, in Kathmandu and Pokhara it is recommended for travelers to exchange the foreign currency to Nepalese Rupee while in the capital city to avoid additional hassles outside the capital city.

Visa and master card is widely accepted over hotels, restaurants, stores and departmental stores in Kathmandu, Pokhara and other major cities. Although visas and master card is accepted it is always good to double check and confirm if it is accepted or not to be on the safer side. If there is no provision of swiping the cards there is always option of withdrawing it from ATM which is open 24/7 365 which are available in major cities. The ATM’s in Nepal charge around 3.5% of your withdrawal amount on every withdrawal although the amount charged may vary according to the policies of banks.

If travelling to the wild or trekking to the hills and mountains exchange of foreign currency to Nepalese is recommended in the cities like Kathmandu and Pokhara. Although some hotels along the trek accept dollars it is not recommended to carry dollar or any other currency over Nepalese currency. In case of exchange of foreign currency while in trek low exchange rate than that of the day’s exchange rate is provided which would result in heavy losses for the traveler.

If you made an entrance in Nepal via India and you still possess some Indian rupee on you it can be further used in Nepal in almost every stop until and unless the Indian rupee denotation is less than 1000 and 500. Carrying Indian rupee of denotation 500 and 1000 is illegal in Nepal and may result in confiscation from local authorities.

Money transferring agencies or remittance service is available throughout the country even in the rural except in some districts which would make it easier for any travelers to request help from back home or friends in Nepal in case of emergency. Please carry your passport at all time while doing any transaction related to bank, exchange or remittance as identity is must.